FastForward Innovations Ltd (LON:FFWD) said it has raised additional funds in a share placing to “move swiftly into a number of new positions” to continue its investment strategy.
The investment group said it has raised around GBP2mln through the placing of 23.5mln new shares at a price of 8.5p each, a 12.8% discount to its closing price last Friday, the last business day prior to the completion of the placing, and a 4% discount to its most recently published net asset value (NAV) of 8.82p.
The company has also issued one warrant for every two placing shares that will allow the holder to subscribe for one further share for 12.75p.
FastForward said the proceeds from the placing will be used to “fund a number of opportunities” in line with its investment strategy of “delivering its core objective of providing investors with exposure to disruptive growth opportunities, in particular medical cannabis, that have near-term re-rating potential and would otherwise be inaccessible”.
“The support we have experienced from new and existing shareholders in this fundraise endorses FastForward’s investment strategy to be an investment destination for individuals and institutions seeking exposure to the unique opportunities the board of FFWD have access to”, FastForward chief executive Ed McDermott said in a statement.
“Whilst we continue to support and develop our portfolio of existing investments in the life sciences and technology sectors, I welcome the recent guidance from the [Financial Conduct Authority] in relation to potential applications seeking admission to the Official List in the medical cannabis-related sector, a sector in which we already have a significant exposure to and confidence for future returns. With a number of our current portfolio assets on their way to near term liquidity events we want to move swiftly into a number of new positions to support…returns for our shareholders”, he added.
In early deals on Tuesday, shares in FastForward were 8.6% lower at 8.9p, but still a 4.7% premium on the placing price.